Market Overview:

The Global Ball Bearing Market Size Was Valued At USD 21.57 Billion In 2022. It Is Projected To Reach USD 30.67 Billion By 2031, Growing With A CAGR Of 4.5% During The Forecast Period 2023–2030.

A ball bearing is a type of rolling-element bearing that keeps the distance between the bearing races by using balls. Most of the time, these races are used to cut down on surface contact and friction between moving planes. Ball bearings usually do three things to make it easier for machine parts to move. They carry loads, reduce friction, and position machine parts. Ball bearings' main job is to support radial and axial loads. Because it is smaller, it can usually only carry a smaller load.

There are three ways to measure a ball bearing: by the inside diameter, the outside diameter, and the width. Most bearings are mechanical assemblies that are made up of rolling parts and can carry loads. These rolling parts are put between two rings. By reducing motor friction, it improves the performance of the machines. Ball bearings are used in many fields, including agriculture, food processing, machine tools, material handling, pharmaceuticals, printing, transportation, and more.

Market Dynamics:

Market Trends:

• Rising Global Population and Inflating Income Levels

Because the world's population is growing and people's incomes are going up, more homes and businesses are being built, which is driving up the demand for ball bearings in construction equipment. Aside from this, the sales of ball bearings around the world are being driven by the growing need for electric vehicles (EVs) because of growing environmental concerns. Also, the growth of windmill farms is increasing the demand for ball bearings because they help make wind turbines more reliable, efficient, and good at what they do. Also, the top manufacturers are focusing on making ball bearings work better while keeping costs down. They are also improving the features of the bearings that are already on the market. For example, they are lowering the torque, making the bearings lighter, reducing the amount of energy they use, expanding the temperature range, making the bearings last longer, and making the friction resistance better. This is helping the market grow. Aside from this, more people are learning about the benefits of ball bearings, such as how little maintenance they need, how rigid they are, how resistant they are to friction, and how long they last. This is expected to increase their use in industries like aerospace, transportation, and mining.

Driving Factors:

• Rising Demand for Precision Engineering across Various Industries

Precision engineering is the process of making parts, fixtures, and machines that have a very small margin of error and stay the same over time, even when working in harsh conditions. Because of the sudden rise in the use of customized bearings, the market is likely to make more money because there is more demand for precision engineering. To boost the whole ecosystem, manufacturers are also putting a lot of effort into developing and making precision bearings for power trains and drive parts of artificial satellites, etc.

• Increasing Public Awareness 

More bearings are being used in electric vehicles (EVs) because more people know about them and want to buy them. Bearings are made to work in situations where there isn't enough lubrication, and reducing the size of the bearings has made the gearbox more efficient overall. This has increased the driving range of EVs. Developed countries are trying to reduce their reliance on fossil fuels for transportation because more people are buying electric cars. At the same time, more people around the world becoming aware of carbon emissions will help the electric vehicle industry grow.

• Wind Energy Application

The ball bearing industry is putting a lot of effort into making its energy-efficient application work for wind energy. Wind turbines need high-quality bearings that are bigger and don't need to be maintained. Wind turbine gearbox bearings often have to deal with high rotational speeds and changes in temperature. In the gearbox of a wind turbine, there are different ways for the bearings to be set up. Most of the time, deep groove ball bearings are used for this purpose. These bearings can be made with different internal clearances and materials to handle high rotational speeds and changes in temperature.

Restraints/Challenges:

• Price Volatility

Steel and aluminum prices have gone up and down a lot in the last couple of years. Industrial commodities are in higher demand because the world economy is growing. Changes in trade rules, imbalances between supply and demand, changes in foreign exchange rates, increased geopolitical threats in different parts of the world, and other things can all affect the prices of steel and aluminum bearings.

• Availability of Counterfeit Products

Fake bearings are a big problem in the market for mounted bearings. When counterfeit bearings fail often, they raise costs, pose risks, and make machines less reliable. These bearings are made from low-quality materials that are often processed on old machines by people who only make the minimum wage. The packaging of these fake bearings makes them look like a copy of the real thing, making it hard for customers to tell the difference between the fake and the real thing. When put to use, these low-quality products break down more often, which raises the costs of maintenance and replacement. These higher costs are always much more than the amount saved on the unit price of the bearings when they were bought. Experts in the industry say that distributors are usually to blame for selling fake bearings, and suppliers of fake bearings want to make a lot more money on the transactions than they would have by selling original bearings. There are a lot of fake products out there, and they are not just in certain places. You can also find big products, so they are not just limited to small bearings. Many countries have factories that make fake bearings. Many of the fake bearings that customs officials in the US and the European Union have found come from China. In Europe, the US, and different countries in Africa, Latin America, and Asia, raids are being done against people who sell fake goods. But these raids only help to a certain point.

Opportunities:

• Increasing Development and Adoption of Sensor-Based Bearing Unit And IoT

Sensors are important for both industrial automation and systems that control how things move. They are the most important link between the physical systems that collect data and the communication link that sends data to the monitoring facilities or the cloud. Sensors are used to keep an eye on how well bearings are working, since a broken bearing could cause expensive downtime. The smart sensor technology lets you know early on if there might be a problem. It does this by checking the condition of the bearings, such as how much they vibrate, as well as the temperature. It can be used in bulk material handling conveyors, which are common in industries like aggregate, mining, grain handling, and cement, as well as in the food and beverage and air handling industries.

The Industrial Internet of Things (IIoT) sensor is a complicated mix of hardware and software. IIoT sensors could be used as acoustic sensors, chemical sensors, sensors that measure the level of a liquid, or sensors that measure the temperature. Another type of sensor is a proximity sensor, which is put on bearings. IoT sensors can do more than just collect and send data; they can also process information and make decisions. This extra feature saves both time and money for engineers.

• Evolution of Digitalization

Digitalization is one of the most important ways for all industries to adopt wireless options. The bearing is digitized by measuring how well it is oiled and how it moves when it moves. These measurements are looked at so that if there are any problems, the right steps can be taken to fix them.

Strategic Development:

• In September 2018 - SKF started selling its Ball Bearing Units-UC series in India to meet the growing needs of the market. The product is made in the area, has a good price for its quality, and meets international standards for quality.
• In November 2017 - Schaeffler AG and Audi started working on improving Formula E's performance density, especially in the areas of transmission, engine, bearings, and other areas. Schaeffler has been making drive trains for the "Formula E" racing series with Audi since 2017.
• In September 2021 - The Timken Company, a world leader in specialized bearings and industrial motion products, has agreed to buy GGB Bearing Technology from Enpro Industries. (GGB). The deal includes exclusive talks about how GGB will run its business in France. By adding complementary products with good growth prospects, this acquisition is expected to lead to strong synergies and business growth.
• In November 2021 - Asea Brown Boveri Ltd's DODGE mechanical power transmission segment was sold to RBC Bearings Incorporated for USD 2.9 billion. RBC Bearings is a well-known international company that makes and sells precision bearings and solutions for the industrial, defense, and aerospace industries.

Key Vendors:

Top market players are

• NSK

NSK Ltd. (NSK) is a company that makes industrial equipment. The company makes parts and products for cars, mechatronics, and precision machinery. It sells bearings, parts for cars, linear motion guides, and products for mechatronics. The company also takes care of repairs and maintenance.

• NTN

NTN Corp. (NTN) sells parts and equipment for machines. It makes and sells parts and tools for machines, like bearings, constant velocity joints, and precision equipment. The company makes general-purpose bearings, office automation bearings, precision roller bearings for machine tools, aerospace bearings, bearing units, and other similar products.

• JTEKT

The equipment company JTEKT Corp (JTEKT) makes and sells power steering systems. The company makes, designs, and sells parts for cars, bearings, and machine tools.

• Schaeffler

Schaeffler AG (Schaeffler) designs, makes, and sells precision products that can be used in many different ways. The company sells a wide range of products, such as rolling bearings, spherical plain bearings, plain bearings, mechatronics, linear products, and precision components.

• C&U Group

C&U Group is a national high and new technology enterprise. It is led by a technical research and development team made up of professional doctors and senior engineers. On average, the R&D center comes up with about 400 new products every year. This is the highest level of research in China in terms of vibration noise of rolling bearing, sealing, lubrication, bearing service life, etc.

• Federal Moghul Holding Corporation

Federal-Mogul Corporation is an American company that designs, makes, and sells parts for automotive, commercial, aerospace, marine, rail, and off-road vehicles, as well as products for industrial, agricultural, and power-generation uses

• JTEKT Corporation

The equipment company JTEKT Corp (JTEKT) makes and sells power steering systems. The company makes, designs, and sells parts for cars, bearings, and machine tools.

• NKE AUSTRIA GmbH

In 1996, Nke Austria GmbH was set up. The Company makes equipment for sending power from one place to another.

• SKF AB

AB SKF (SKF) is a company that sells bearings, seals, mechatronics, and lubrication systems, as well as products, solutions, and services for these things. The company provides services like technical support, condition monitoring, maintenance services, asset efficiency optimization, engineering consulting, including material analysis and testing, and training.

• THK Company

THK Co., Ltd. (THK) makes and sells parts for machinery, cars, and other types of transportation. LM Guide, Ball Screw, Ball Spline, LM Guide Actuator, Cross Roller Ring, Electric Actuator, Cam Follower, Roller Follower, Linear Bushing, LM Stroke, Slide Pack, and Cross Roller Table are some of the products that the company makes.

• TIMKEN Company

The Timken Company makes a growing number of engineered bearings and industrial motion products. With more than a hundred years of knowledge and new ideas, we are always improving the reliability and efficiency of machinery and equipment around the world. This helps to move the world forward.

• Asahi Seiko

ASAHI SEKIKO CO., LTD. makes, markets, and sells a wide range of bearings and other machine parts.

• Graham Corporation

Graham is a global company that designs, makes, and sells important equipment for the defense/space, energy/advanced energy, chemical/petrochemical, and energy/advanced energy industries. 

• Ingersoll Rand

Industrial air compressors are made by Ingersoll-Rand (India) Ltd (Ingersoll), which is a branch of Ingersoll Rand Industrial US Inc. The company sells things like grinders, polishers, drillers, hammers, calibration equipment, air motors, piston pumps, winches, and oil-free compressors, among other things.

• LYC Bearing

In 1954, LYC Bearing Corporation was set up. The technical expertise has evolved into engaging 1000 plus engineering personnel and 7000 manufacturing associates.

Segmentation Analysis:

The market is segmented on the basis of type, application and region.

By Type Outlook:

Self-aligning bearings are expected to be the market segment that grows the most quickly. This is because of the high demand from applications like machine tools like those used to process paper and textiles.

Deep groove ball bearings are likely to be used more because they can handle radial and axial loads quickly and efficiently. Also, the angular contact ball bearing supports high processing speed, precision, and rigidity. The other kinds are less likely to grow because there isn't much demand for them in the industrial sectors.

• Self-Aligning Ball Bearings
• Deep Groove Ball Bearings
• Angular Contact Ball Bearings
• Others (Thrust Ball Bearings, etc.)

By Application Outlook:

Robotic surgery, also called "minimally invasive surgery," is becoming more popular in the medical field because it helps reduce pain, discomfort, and recovery time. This is good for the growth of the market.

The moderate need for these bearings to turn the shafts of many machines is expected to lead to a lot of growth in the industrial machinery market. The automotive industry is using miniature bearings more and more, and they are also being used more and more in other industries like medicine, robotics, and machine tools. This is likely to lead to a rise in sales in the near future. In the aerospace industry, too, steady growth is expected to improve the efficiency of the machines built into planes.

• Automotive
• Industrial Machinery
• Mining & Construction
• Medical
• Others (Aerospace, etc.)

Regional Insights:

During the time frame of the forecast, the Asia-Pacific market for ball bearings is expected to grow the most. This could be because the car, construction, and mining industries are growing. People in Asia and the Pacific think that projects to improve public facilities in rural areas will help the market there. According to the study's findings, the market for construction equipment in Asia and the Pacific is worth more than USD 49 billion right now and is expected to grow in the near future.

The ball bearing industry is expected to grow because there are more mines in Asia, North America, and Latin America. In the last few years, mining has grown because there are so many minerals in Latin America, such as in Argentina, Chile, and Mexico. Both the Cauchar-Olaroz project and the Salar del Rincón project in Argentina are about lithium. Both of these projects are still in the planning stage, but it is thought that they will cost about $425 million and $220 million, respectively.

In Europe, the automotive industry has most of the market share for ball bearings, and this is not likely to change soon. Europe is home to some of the best car companies in the world. It also has the most private R&D investors. For instance, Mercedes, BMW, Opel, Audi, Volkswagen, Porsche, Fiat, and Ferrari. In the not-too-distant future, this type of bearings industry is likely to continue to be driven by the growing number of infrastructure construction projects in Europe.

• North America
• US
• Canada
• Mexico
• Rest of North America
• Europe
• Germany
• France
• Italy
• Spain
• UK
• Nordic Countries
• Denmark
• Finland
• Iceland
• Sweden
• Norway
• Benelux Union
• Belgium
• The Netherlands
• Luxembourg
• Rest of Europe
• Asia-Pacific
• Japan
• China
• India
• Australia
• South Korea
• Southeast Asia
• Indonesia
• Thailand
• Malaysia
• Singapore
• Rest of Southeast Asia
• Rest of Asia-Pacific
• The Middle East & Africa
• Saudi Arabia
• UAE
• Egypt
• South Africa
• Rest of the Middle East & Africa
• Latin America
• Brazil
• Argentina
• Rest of Latin America

Scope of Report:

Conclusion:

• The report looks at the key organizations and companies in the global market and compares them based on their product offerings, business overviews, geographic presence, business strategies, segment market share.
• The report also has a detailed analysis of what's going on with the companies right now, including product development, new ideas, joint ventures, strategic alliances, and other things.
• The report gives information about market trends and highlights the most important changes in the market.
• In addition to the things listed above, the report also talks about a number of other things that have helped the advanced market grow in recent years